NICKEL STUDY – Ambatovy numbers updated

MADAGASCAR - DYNATEC CORP. of Richmond Hill (Toronto) has received an updated feasibility study prepared by SNC-LAV...
MADAGASCAR - DYNATEC CORP. of Richmond Hill (Toronto) has received an updated feasibility study prepared by SNC-LAVALIN on the Ambatovy nickel project. The verdict is that the project economics remain favourable for a large-tonnage, low-cost nickel producer.

The new study is based on prices at the end of 2005, which reflect modest increases since the original study was based on prices from the second quarter of 2004. The capital cost is now estimated at US$2.50 billion, compared with US$2.25 billion in the earlier report. Operating costs are still estimated to be low, at US$0.77/lb of nickel after byproduct credits.

The key components of the project remain unchanged. The annual design capacity will be 60,000 tonnes of nickel, 5,600 tonnes of cobalt and 190,000 tonnes of ammonium sulphate. The project will have a 27-year life, based on proven and probable reserves of 125.0 tonnes grading 1.04% Ni and 0.099% Co.

The Ambatovy project is owned 75% by Dynatec and 25% by Japan's SUMITOMO CORP. The partners are seeking an additional participant.

The new feasibility study may be read in its entirety at www.Dynatec.ca.

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